Damac Properties to Buy Surfside Collapse Site

Damac Properties to Buy Surfside Collapse Site

Hussain Sajwani of Damac with Surfside (Wikipedia)

Damac Properties is poised to buy and redevelop the Surfside collapse site where 98 people died last summer, after no other developers met the deadline to bid on the property.

The Dubai-based developer was the stalking horse bidder, setting the minimum price last year for the property at 8777 Collins Avenue at $120 million. Earlier this month, in a move that showed its commitment to buy the almost 2-acre site, Damac increased its deposit to $50 million.

The lack of competing bids, which were due by 5 p.m. on Friday, essentially cancels the auction scheduled for Tuesday. Michael Goldberg, the court-appointed receiver for the Champlain Towers South condo association, filed an emergency motion shortly after 5 p.m. on Friday confirming no one else made offers for the site.

Michael Fay, part of the Avison Young team that listed the former Champlain Towers South property, said that he and his team spoke with “hundreds of potential bidders” after an extensive marketing process, and that they “look forward to completing” the deal with Damac.

The sale marks another milestone in the legal case surrounding the June 24 tragedy. Earlier this month, attorneys announced a $997 million settlement ​​that followed weeks of mediation between attorneys for the plaintiffs and the dozens of parties sued for allegedly contributing to the collapse.

This story will be updated with more information.

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